EIN Lookup Illinois What You Need to Know
If you require your Employer Identification Number (EIN) for your business in Illinois, you may be wondering how to perform an EIN lookup. This can be done in several ways, the easiest method being by looking over previous tax returns. For more information on how to perform an EIN lookup in Illinois, keep reading this easy-to-follow guide.
How To Lookup An EIN In Illinois
What is an EIN?
An EIN, or an Employer Identification Number, is a nine-digit number given to businesses in all states by the Internal Revenue Service (IRS). It is there mainly to help identify a business operating in the United States for tax purposes. You can think of it as a Social Security number given to individuals but for corporations and other companies.
Your business’s EIN is mainly used by the IRS to ensure you’re meeting the right tax obligations, such as paying them and filing any relevant returns. It can also be used for several other reasons, such as hiring people to work for you or opening a business bank account with a financial institution.
Various groups need an EIN in the state of Illinois, and these include businesses, nonprofit organizations, and larger corporations. If you’re a sole proprietor who isn’t looking to incorporate your business, you can use your Social Security number instead.
How do I look up the EIN for my Illinois company?
If you’re on the hunt for your EIN for your Illinois company, then there are several methods you can use to track this information down. The easiest thing to do is to look at any of the documentation you might have submitted to the IRS during your last tax return. It’s mandatory for you to quote your Illinois company’s EIN on this paperwork; therefore, it should appear on these items of paperwork.
However, not everyone keeps these documents on record and often gives them to an accountant to file away safely. If this is the case, you should contact the IRS directly. Those in search of their EIN for their Illinois company can phone the Business & Specialty Tax Line at 800-829-4933. Although the wait times are usually quite extensive, they will give you your EIN over the phone after asking a few simple questions.
Finally, you can ask a professional EIN service to perform an Illinois company EIN lookup, which will save you time and will likely have your EIN back to you in a few hours or less.
Why do we use EINs?
EINs, or Employer Identification Numbers, serve several purposes. First, they are used for tax identification, allowing the IRS to track and process tax obligations. When starting a business, obtaining an EIN is often required for business registration. Finally, employers use EINs for employment and payroll purposes, including reporting taxes and issuing necessary forms.
Financial institutions require an EIN to open a business bank account and differentiate personal and business finances. EINs are also needed for obtaining licenses and permits from state and local governments. In addition, they facilitate business credit establishment and are often necessary for legal and compliance purposes, such as filing for tax-exempt status or participating in government contracts.
Who needs an EIN in Illinois?
In Illinois, entities such as corporations, partnerships, LLCs, sole proprietors with employees, nonprofit organizations, estates, and trusts may require an EIN. Corporations, including C and S corporations, must obtain an EIN for federal tax purposes. Partnerships, LLCs, and sole proprietors with employees need an EIN for tax reporting and employment obligations. Nonprofit organizations require an EIN to operate and fulfill tax requirements.
Additionally, estates and certain trusts generating income may require an EIN for tax purposes. Obtaining an EIN ensures compliance with tax regulations and facilitates various financial and legal processes for businesses and organizations in Illinois.
How to apply for an EIN in Illinois
To apply for an EIN in Illinois, ensure eligibility based on your business activities. Gather required information like legal name, structure, responsible party’s details, and business address. Choose an application method:
- Online Application (Preferred Method): Visit the IRS website and navigate to the EIN Assistant page. Choose the “Apply online now” option and complete the online application form. Once you submit the form, you will receive your EIN immediately.
- Fax Application: Download Form SS-4, the Application for Employer Identification Number, from the IRS website. Fill out the form with the required information and fax it to the appropriate IRS fax number provided on the form. The EIN will be faxed to you within a few business days.
- Mail Application: Similarly, you can download Form SS-4 and complete it with the required details. Mail the form to the appropriate IRS address as specified in the instructions. The EIN will be sent to you by mail within a few weeks.
- Phone Application: Contact the IRS Business and Specialty Tax Line at 1-800-829-4933 to apply for an EIN over the phone. An IRS representative will guide you through the application process, and once approved; they will provide you with the EIN.
Apply with accurate information. Once processed, record your EIN for future use.
What about other companies’ EINs in Illinois?
Obtaining another company’s Employer Identification Number through an EIN lookup in Illinois can be challenging due to privacy and confidentiality concerns. EINs are generally not publicly available, but several avenues exist.
The EIN may be included in contracts or agreements if you have a business relationship with the company. You can also contact the company directly, explaining your legitimate reason for needing their EIN, although they may be unwilling to share it due to privacy considerations.
How to get an EIN in Illinois
To get an EIN in Illinois, visit the IRS website, complete the online application, download Form SS-4, and submit it by mail or fax. Provide necessary information about your business, such as its legal name, address, and structure.
In addition, include details about the responsible party and their Social Security number. Once processed, you will receive your EIN immediately (online application) or within a few weeks (by mail or fax). Ensure the accuracy of your information and keep the EIN in a secure place for future use.